Credited: Kitco

“Today was yet another day marked by geopolitical turmoil, much like many others over the past year,” wrote Jesse Colombo, a precious metals analyst and investor. “This time, the turmoil was triggered by Iran launching at least 180 ballistic missiles toward Israel, marking the largest missile strike against Israel in history.”

“Israeli Prime Minister Netanyahu declared that Iran has made a grave mistake and will face consequences as the world inches closer to all-out war with each passing hour,” he added. “I hope for a peaceful resolution to this crisis, however unlikely that may seem.”

With the impetus for writing the article made clear, Colombo noted that its true purpose is to share his “observations on two assets often touted as safe havens—gold and Bitcoin—and how they perform during times of geopolitical crisis.”

“In this article, I’d like to share my observations on two assets often touted as safe havens – gold and Bitcoin – and how they perform during times of geopolitical crisis,” he wrote.

“The chart below shows a tale of two assets: gold and Bitcoin,” Colombo said. “At approximately 9:32 AM EST, reports began circulating that Iran was imminently preparing to launch ballistic missiles at Israel. Interestingly, gold and Bitcoin responded in starkly opposite ways—gold surged while Bitcoin plummeted.”

“This price action confirmed a long-standing frustration I have with Bitcoin: it behaves more like a risk asset than a true safe haven,” he said. “If Bitcoin were truly ‘digital gold,’ I would expect it to rise during periods of geopolitical turmoil, not decline.”

Based on this evidence, Colombo restated his thesis: “Bitcoin shouldn’t be labeled ‘digital gold’ if it doesn’t behave like a true safe-haven asset. I hope to raise greater awareness that Bitcoin is a risk asset, better suited for ‘good times’ rather than times of crisis,” he said. 

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